ECA supported Bulgarian 670MW power plant project kicks off after 7-yr delay

The AES Corporation of the U.S. officially started the construction Tuesday of a $1.4 bln 670MW lignite-fired power plant in Bulgaria. Financing for the project is through a consortium comprising the European Bank for Reconstruction and Development, Calyon, BNP Paribas and ING Bank. German and French export credit agencies and the Multilateral Investment Guarantee Agency of the World Bank are providing debt insurance cover to the lenders for a portion of the debt.